Secure Mobile Phone Payment Company Gains Injection of Capital

Scandinavian PayEx has invested in Accumulate for the development of mobile phone based security and payment systems

Accumulate gets a new shareholder when PayEx, a Nordic expert in payments, invests in the mobile technology provider. Together with the existing owners' contribution the company gets over $2 million in new venture capital. Among current owner are the Sixth AP Fund and private investors. The money will be used to further develop the company's business area for mobile payments and mobile security.

"Accumulates mobile security platform has great potential. PayEx use it for its service 'PayEx Mobil' launched in July 2009. 'PayEx Mobil' has already many users and the mobile payment solution arouses great interest every time we show it. As one of the leading players in the Nordic market for overall payment services, and now also as a partner and owner in Accumulate, we look forward to many new and exciting commercial projects", says Krister Fingal, president of PayEx.

Accumulate is a leading technology developer of connected mobile solutions. The company markets two mobile platforms, today with more than 9 million users:

The company's patented technology Mobile Everywhere (ME) enables innovative payment solutions and identification via mobile phones. In Barcelona in February 2009 Accumulate launched a solution that increases security for credit card purchases on Internet using your mobile phone. Later in 2009 solutions for banks (ME to the Banks) and corporate (ME for Enterprises) were launched. Generally for these solutions are that Accumulate replaces the existing and often costly solutions as for example one-time password via SMS and scratch card, special banking and security boxes or digital certificates. This with a very safe, easy to use, flexible and cost effective solution where the user's existing mobile phone is used as security device.

"Our existing and new owners see a great potential in Accumulates technology. For example, our partnership with PayEx and their mobile payment solution PayEx Mobil has attracted great interest. With our patented technology for mobile payment and identification and the new capital, we can now accelerate the pace of development and opening up in more markets", says Stefan Hultberg, CEO of Accumulate.

Accumulates English subsidiary, which develops and markets Flexion, have great success with their products for flexible licensing and control of access rights for mobile applications. Examples are payment solutions for online gaming with mobile phones. With Flexion mobile content providers can introduce a more customer responsive and flexible sales process that increases revenue per customer. Its customers include some of the world's largest mobile operators and mobile phone manufacturers.